Thursday, May 18, 2023

Thursday Midday Dairy Market Summary - Cheese Drops Back

OUTSIDE MARKETS SUMMARY:

CORN: 5 Lower
SOYBEANS: 3 Lower
SOYBEAN MEAL: $10.20 Lower
LIVE CATTLE: $0.75 Higher
DOW JONES: 156 Points lower
NASDAQ: 107 Points Higher
CRUDE OIL: $1.25 Lower

MIDDAY MARKET UPDATE:

Block cheese price set back 4 cents today, closing at $1.50 with eight loads traded. Barrel cheese price declined 1.25 cents, closing at $1.4425 with 11 loads traded. Dry whey price declined 1.75 cents, closing at 27 cents with 14 loads traded. Sellers just keep offering loads on the spot market with price falling to the lowest level since Oct. 30, 2019. The weakness Thursday pushed June Class III futures below $16.00, reaching a low of $15.95. Overall, Class III futures are unchanged to as much as 38 cents lower with July showing the greatest loss. Trading has been active with June showing over 100 contracts trading. Butter price remained steady at $2.46 with two loads traded. Grade A nonfat dry milk price declined 1.25 cents, closing at $1.1525 with three loads traded. Class IV futures are 15 to 29 cents lower. Butter futures are unchanged to 1.00 cents lower. Dry whey futures are 0.75 to 1.75 cents lower.



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